Grayscale Investments LLC, which manages the world’s largest bitcoin-based fund, has opened five new trusts to invest in cryptocurrencies. They are tied to Chainlink (LINK), Filecoin (FIL), Livepeer (LPT), Basic Attention Token (BAT), and Decentraland (MANA).
Grayscale CEO Michael Sonnenschein noted that this is the first new trust opening for the company since 2019. The choice of cryptocurrencies was based on a “fine-grained process” of assessing customer demand and the reliability of the respective protocols, he added.
“At any given time, we have a list of 30-40 products that we are interested in bringing to market,” said Sonnenschein. – We always try to reconcile two aspects: where we can find attractive opportunities in the digital asset ecosystem and where investors want to place capital. There are many Grayscale-grade products that have historically been around before they resonate with investors. ”
Along with this, the total number of Grayscale investment products has grown to 14. The new trusts operate on the same model as other Grayscale asset-based funds. They are open to daily subscriptions from eligible individual and institutional accredited investors. Grayscale adds that it will seek to take the shares of the new trusts to the secondary market.
“Investors in new products should not assume that stocks will ever get the approval they need for a number of reasons, including regulatory issues such as the US Securities and Exchange Commission (SEC), the Financial Services Regulatory Authority (FINRA), and other regulators. bodies that they may have in relation to such products, ”the company notes.
Related digital assets have reacted positively to today’s Grayscale announcement. LINK grew by 6.1%, LPT – by 62%, BAT – by 10%, MANA – by 23%, and FIL added 30% per day even before the latest news.
Information that Grayscale is considering launching additional products appeared at the beginning of the year. The company then noted that they were registering names for possible trusts, but could not promise their appearance.